If the agreement between OPEC and countries that are not part of the cartel, by “freezing” of production is reached, oil prices will cease to decline seriously. This was stated on Friday to journalists the Vice-Premier of Russia Arkady Dvorkovich.
“Such forecasts are difficult to make, but any serious fall in the future should not be”, – he stressed.
Tuesday, 16 February, energy Minister Alexander Novak after meeting with representatives of the three States of OPEC (Saudi Arabia, Qatar and Venezuela) stated that countries agreed to maintain oil production at the level of January 2016, without exceeding it. The decision will be made if other manufacturers will join this initiative, he emphasized.
In January 2016, OPEC countries produced more than 32 million barrels of oil a day, despite the formally existing quota of 30 million barrels. According to CDU TEK, Russia produced 46 million tons of oil with gas condensate, which exceeded the indicators of January of 2015 at 1.5 percent.
Oil prices began to decline in the summer of 2014 when the price of a barrel of European Brent exceeded $ 110. In January 2016, its price fell below 28 dollars. At the moment the price of Brent hovers around 34 dollars a barrel.
